Global Pet Wearable Market, by Technology Type, Application and Geography - Opportunity & Forecast 2024
The global pet wearables market is estimated to be valued at US$1.0 Billion by the end of 2016 and is expected to reach US$2.5 Billion by 2024 at a 12.0% CAGR therein Availability of Advanced Substitutes Threatening Uptake of Identification and Tracking Devices for Pets In terms of application, the pet wearable market is classified into identification and tracking, facilitation, safety, and security, behaviour monitoring and control, and medical diagnosis and treatment. So far, majority of the demand in the pet wearables market has been generated by the identification and tracking segment. However, the adoption rate of identification and tracking devices for pets and farm animals is projected to witness a marginal decline during the forecast period mainly due to the availability of substitute products offering similar as well as more advanced and sophisticated features. Increasing awareness about pet health and fitness among owners, especially in North America and Europe, is...